A panel of independent reviewers says that without more certainty on funding and operations, any start to construction of a high speed rail system “represents an immense financial risk to the state of California.”

And while the group admits that it still doesn’t have the information to render a final judgment, it doesn’t seem to like what it’s seen.

“Absent a clearer picture of where future funding is going to come from, the Peer Review Group cannot at this time recommend that the Legislature approve the appropriation of bond proceeds for this project,” says the eight page report signed by panel chairman Will Kempton.